February 23, 2000 07:56
BEA Systems Price Target Boosted By CSFB, Jefferies, Lehman
(BEAS)
(NewsTraders.com)-- BEA Systems (BEAS) received praise in the form of target price increases from
analysts today at several brokerages after the company posted fourth-quarter results that outpaced
forecasts.
Yesterday, the San Jose, Calif.-based company said pro forma revenue jumped 82%, operating profit
almost quadrupled, and to top it all off announced a 2-for-1 stock split.
Credit Suisse First Boston analyst Wendell Laidley responded to the strong showing by boosting his
price target to $170 from $76, and reiterated a "strong buy" recommendation.
"Through new product introductions and successful acquisitions, BEAS continues its transformation from
an enterprise middleware company into an eCommerce and eBusiness transaction company," Laidley
said in a morning research note.
Separately, Jefferies & Co. analyst Richard Williams reiterated his "buy" rating on the stock and
catapulted his 18-month price objective to $300 from $75.
Williams said that although BEA Systems' shares have been on a positive run of late, the stock is still
cheap compared to its peers.
"While short-term corrections may buffer high valuation stocks like BEAS, the magnitude of opportunities
available through the transforming influence of e-commerce on the global economy suggests that
substantial upside remains," he said.
Meanwhile, Lehman Brothers analyst Mike Stanek ramped up his goal for the stock to $180 from $55
while reiterating his top-shelf "buy" investment grade.
Stanek said that BEA Systems' pipeline and visibility stand at record levels with the company indicating
a high level of confidence for fiscal 2001.
Of note, BEA Systems is holding a financial analysts conference in San Francisco Wednesday morning
at 1:45 p.m. EST.
Copyright 2000 NewsTraders Inc. All Rights Reserved 09:18 Wednesday, February 23, 2000
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